WTI Crude Oil last week held within quite a narrow range from 94.95 up to 96.80/92. A move towards 96.80/92 could offer a selling opportunity therefore. A break above 97.30 however triggers stops on shorts and keeps the 6 month bull running towards 97.75/95 then 98.58. Above here 99.52 looks achievable.

Below 96.00 could target 95.45/40. This is good support and we could bounce from here. However any longs need a stop below 95.25 for 95.00 and possibly further losses towards 94.55/48. Unlikely we fall any further today so watch for a low here but if we break below 94.30 we could be on the way to 93.90/75 next.



Long term levels

100.42    Sept High

96.92      Last Week’s High

94.91     100 Week Moving Average

94.95     Last Week’s Low

94.06     Weekly 50% Fibonacci

91.05     200 Day Moving Average

90.46     100 Day Moving Average


The article was first published by DayTradeIdeas.com